where are the TRNC housing prices going?

Seagull


Joined: 12/05/2007
Posts: 5

Message Posted:
12/05/2007 22:19

still looking to buy, all the speculation post cherie blair and orams said prices would rocket, but they have not(why?), will they ever?



my simple brain says they will stay still until if and when there is a cyprus solution then they will double in 12 months, but thtat could be 2,3,5,10,20 years away, or never



also is it too simplistic to say that esentepe and bacheli will rise the fastest becuase of marinas ans golf course?



pearls of wisdom anyone?



what does everyone think?

Izzet



Joined: 01/12/2006
Posts: 920

Message Posted:
12/05/2007 22:52

I think a solution will come within 10 years as Turkey's accession to EU comes close.



Nevertheless, the property prices will slowly go up as more and more people believe that it is impossible for property buyers in North Cyprus to lose their land or pay compensation individually.



The land (and thus villas prices) will go up faster in Esentepe region due to Korineum Golf Course and upcoming Port Cyprium Marina.



Izzet

Seagull


Joined: 12/05/2007
Posts: 5

Message Posted:
13/05/2007 07:12

Izzet



thanks and as you work for a developer you should know pretty well. my view on TRNC is that it is a sound investment providing you are willing to hold onto the property for some time



will the infrastructure banks/supermarkets/eateries/others come to esentepe as well? as the property because it still has that 25km from kyrenia feel to it despite the property building activity

gongle


Joined: 11/05/2007
Posts: 13

Message Posted:
13/05/2007 10:23

the property prices are rising if you buy the right property



i think Esentepe, Bahceli, Kucuk Erenkoy is going to be THE holiday hotspot of TRNC in 5 to 10 years. if you look at other countries in the med where development started 10/15 years ago you will see that purpose built resort towns pop up in beautiful locations close to existing towns where industry and commerce are based. with investment money on the scale of marinas and golf courses coming to the area it builds its own momentum!



dont base your buying on EU entry as it is a long way off and looking less likely by the day as many countries dont even want Turkey in the EU and more and more Turkish people are being put off the idea as the EU has demanded much from Turkey without anything in return. anyway who wants all those idiotic rules that you must abide by when in the EU?

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
13/05/2007 12:14

Hi Seagull



It think it is very tough to predict the market. There are so many variables driven by politics and human emotions.



It might be a good exercise for the group to list the pros and con's, those factors which will create bouyancy in the market and those that will depress it.



I think Bradus on another posting made a good point about the TRNC propety commission. Up until now cases have only been dealt with in relation to unoccupied property. The crunch decision around 'Occupied houses will impact prices'



The opening of direct flights will help to increase prices



The improvement and reliability of the infrastructure. Money coming from Turkey and US will help



The securing of natural resources in particular water will help. I think I read somewhere that Turkey is going to build a water pipeline to distribute water to the island



Lots of sunshine in the UK due to Global warming might keep people back in the UK. Also restrictions on air travel may be an issue that depresses the market



There is the whole issue of the EU. Will Turkey join or not? There are so many variables to this. The UK for instance may feel pressurised to push for Turkey to join so as to appease it's own Muslim community. Might be the same for the Dutch but thsi won't be the case for the Austrians.

Turkey is part of NATO the ROC is not. The US is probably putting pressure for Turkeys EU membership as a NATO member. With such a large Turkish army you would probably want to keep them on your side.



The committed and continued ROC need to get compensation will continue to impact buyer confidence.



and you can go on and on and on and on - Who Knows. I have just presented a very incomplete and fragmented list of variables.

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
13/05/2007 13:23

Hi all,



I agree the main deciding factors to look out for which would change the NC situation is going to be:



* Direct flights!

*Turkey and the EU!

*Property commisions rulings!

*Negotiations between SC and NC!



These are going to be the main deciders in the future as to what happens in the NC market!

NC are challenging britain to allow direct flights and I hope that NC can find a few loop holes in order to achieve this!

NC is backed and supported by the UN who are helping them with resources and financially to develop the infrastructure further!



Also I am sure that turkey will not abandon NC even if it costs them loosing Eu accession! Like you said the EU needs turkey alot more than Turkey needs them-so I think its going to be a waiting game...!!!!



See ya D

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
13/05/2007 13:42

At the moment supply outstrips demand and this is main reason for not perhaps seeing large increases in property prices. Too much competition. Also I still think the political situation and all the horror stories which are becoming more and more evident and widely reported keep this vicious circle alive. Comment like well even if you buy in Spain or Britain these sort of things can happen anyway, do nothing to reassure purchasers because the truth is that you have so much more rights and legal protection if you buy within the EU. What is really needed is a relaxation in work permits so that it is easier for people to work and an enforcement of the laws which protect house purchasers. The laws are there but no one enforces them! Publication of reputable solicitors, estate agents and builders would also increase demand but until recently this had only just started to happen.Some of the estate agents we saw steered us away from estentepee as they predicted that there will be big problems with water shortages due to the fact that water is still having to be tankered in. Others said there was no problem.People still appear to be getting conflicting advice about title deeds. Such confliction does not instill trust when your also reading case studies with nightmare results for purchasers. Bottom line is prices will go up when people develop trust and see North Cyprus as a safe place to invest in. Demand will be the marker.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
13/05/2007 14:12

Very very sound points Bradus. It is all about confidence in the market.



Have you bought in TRNC yet?

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
13/05/2007 14:15

Very very sound points Bradus. It is all about confidence in the market. There is alot that the TRNC government could (should) do to facilitate more trust







Have you bought in TRNC yet?

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
13/05/2007 14:32

Yes. Took the plunge and am in the process of buying an apartment in Ozankoy. Swore I would not buy off plan and did a U turn when I saw the location of the development. Been both an exciting and stressful time. Won't relax until I have thoses deeds.

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
13/05/2007 14:39

That point about supply and demand is so critical. High demand and low supply (especially in London is keeping prices high) even when first time buyers are really stretched to their limits financially.



I initially looked at Eastern Europe as an investment but i realised that their populations (like the whole of Europe) is shrinking and alot of their workforce is migrating to Western europe. I think in Sofia they have overbuilt so prices are not likley to rise. Saying that cities (Budapest?) do offer good investment potential because of limited space and people are increasingly moving from the countryside to the cities.



So where does this leave the TRNC. It relies soley on tourism and retirees to purchase properties. Tourism is still at it's embryonic stage and retirees don't have alot of confidence in the market as yet.

Hopefully more entrepeneurial minded TC's move back to TRNC to get the economy going.

In my opinion fuelling economies is harder in sunnier climates but I wont go in to deatails about that now

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
13/05/2007 15:11

ilovecyprus, we too looked at properties in eastern europe, at one stage I fancied Tallin in Estonia. At the time, maybe 4 years ago, you could purchase apartments with lots of character in very historical parts of the city for £40000. Hesitated and these vey properties are now worth 3 times as much and are very much in demand with prices still increasing. Bought in Cyprus because the people are friendly its not built up and commercialised like alot of the med and despite all, just seemed somewhere I could be happy to return too again and again. I had heard that Thomas Cook were looking at marketing North Cyprus and if its true its this sort of thing that will bring in the tourist and encourage even more money to be spent on the infrastructure. Not out to make a profit on our purchase but would like it to be a sound investment both financially and in terms of quality of life.

davidoff


Joined: 21/04/2007
Posts: 438

Message Posted:
13/05/2007 18:22

Hi all,



There is still some unrest as to what is going on in NC!

Also most people only hear the horror stories and get scared off by listening to angry GCs comments all over the place aswell doesnt help!

There are two sides to every story but because certain people are more re-cognised and have more media power and ways in which to be more voicferous than others -its not fair!

I think this year is the start of something special for NC!

Also although we are all taking a slight risk here, I too will not be able to relax until Im sat on my terrace, next to the swimming pool with a nice glass of rose wine in one hand and my title deed in the other...??

I am happy with my investment, but its a catch22 situation as I feel excited and confident in my investment but anxious as to what risks the future may or may not hold!!!

Who knows what will happen in the future in NC...??

Seems to be the .. MILLION $$$ QUESTION???



Take care guys-D

flossie


Joined: 01/04/2007
Posts: 65

Message Posted:
13/05/2007 21:08

Today in the Times there was a large colour advert for a development in the Karpaz. It was placed by a well known reputable English Estate Agent. I have not seen this before. There were also several more adverts for N Cyprus property. Usually there are only a couple.



Signs of desperation or more pro active marketing?



flossie44

JJs


Joined: 07/05/2007
Posts: 1

Message Posted:
13/05/2007 22:33

HI Flossie



We noticed the smaller adverts, but not the colour one. Was it in the Homes section ???



We made the same comment, about more adverts, but as we have just started in the buying process, if it was that we just had not noticed them before !

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
14/05/2007 11:54

Hi Bradus



Are you buying pre 74 Turkish title deeds or Edseger?



Hi Flossie



I think the development you are taking about is the one in Bogaz that is being sold by Savills and being built by Kensington International.

Apparently Turkey is ploughing 293 million pounds in to that area. There are 6 5 star hotels being built there (could be wring on that number). From what I understand they are being built on pre 74 Turkish title deeds. That was the condition for Savilles to get involved

flossie


Joined: 01/04/2007
Posts: 65

Message Posted:
14/05/2007 15:15

Hi JJ's,



Yes it was in the Homes section, part of a spread by Savilles. I love Cyprus was correct.



flossie44

Bradus


Joined: 25/02/2007
Posts: 2641

Message Posted:
14/05/2007 22:26

Hi to ilovecyprus,



Yes I'm buying pre-74 title deeds.Are you buying in Lapta and are yours pre-74?

ilovecyprus


Joined: 08/05/2007
Posts: 2880

Message Posted:
14/05/2007 23:38

Hi Bradus



Buying in Lapta yes, but not pre 74